Personal Finance

If you’re married, should you file jointly or separately?

Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing status is better for…

Before claiming a charitable deduction for 2025, make sure you can substantiate it

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you…

Personal Finance Quiz: Test Whether Your College Grad Is Ready for the Real World

With a diploma in hand, your new graduate might seem ready to conquer the world. But college rarely prepares students for the financial responsibilities that come with living in the real world. Graduates often have questions about money matters, such as applying for a loan, buying a house, saving for retirement and insuring newly acquired assets. Here are some questions and answers to share with your child, along with some information about job prospects for the Class of 2022.

Tax Implications of Student Loan Debt Relief

Many people have incurred student loan debts. But some are fortunate enough to have their loans discharged or paid off by employers. If you’re one of the lucky ones, be aware that cancellation of student loan debt will result in taxable income, unless an exception applies. Here’s an overview of the federal income tax rules that apply in these situations.

Federal Tax News for Businesses

Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to significantly increase reporting of financial…

Unlock 8 Tax Breaks for Home Ownership

Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain “green” home improvements and more.

In-Plan Annuities: A New Twist on the Traditional Pension Model

During the 2007–2008 financial crisis, many seniors saw their retirement savings plummet. That lesson is still fresh in the minds of workers who are nearing retirement today. In the face of market uncertainty, many worry that their retirement savings won’t last through their senior years. If your company doesn’t offer a traditional pension benefit, several financial service companies have in-plan annuity options for 401(k) plans that may help address these concerns.

IRS reporting requirements for cash payments received in a trade or business

Section 6050I of the Internal Revenue Code requires that any trade or business that receives more than $10,000 in cash in one or more related transactions must report this information to the IRS on Form 8300.

Close-Up on the Individual AMT

Are you at risk for this dreaded tax? Here’s a refresher on the AMT rules that apply to individual taxpayers for 2018 through 2025.

Navigating the Tax Angles for ETFs

Before you jump on the ETF bandwagon, it’s important to understand the federal income tax rules that apply to dividend payments, as well as gains and losses on sales of ETF shares using a taxable brokerage firm account. Here are the details.